(Bloomberg Opinion) -- The Covid-19 pandemic has brought the usually resilient aerospace industry to its knees. Air passenger traffic has collapsed by 90% in Europe and isn’t likely to get back to pre-virus levels for several years. Airlines are fighting for survival and have grounded their fleets. Passenger-jet makers Airbus SE and Boeing Co., after years of briskly building planes to meet booming demand, are slashing investments, jobs and production in a world where nobody wants new aircraft. Their suppliers are equally suffering.Nothing like this has been seen since the “Boeing Bust” of the early 1970s, when defense cutbacks, airliner belt-tightening and a consumer recession led to losses and bailouts across the industry. Boeing survived, but its hometown of Seattle was scarred by layoffs. A billboard was put up to reflect the mood: “Will the last person leaving Seattle turn out the lights.”French President Emmanuel Macron is understandably keen to avoid this kind of bust...
(Bloomberg) -- U.S. and European stock futures advanced, while equities traded mixed in Asia on Wednesday as investors took stock of the recent risk-asset rally and awaited clues on the next steps for monetary policy from the Federal Reserve. The dollar resumed its recent decline.S&P 500 futures rose after the index on Tuesday halted a surge that drove it into the black for 2020, with a drop of 0.8%. European contracts were also higher. Shares dipped in China and Japan. Benchmarks in Hong Kong and South Korea fluctuated, while Australia edged higher. Earlier, the Nasdaq 100 briefly topped 10,000 as Apple Inc. jumped on news it’s preparing to announce a shift to its own main processors in Mac computers. Treasuries were little changed.After a record-breaking rally that added over $21 trillion to global stock markets, technical indicators suggest a pullback may be overdue. Sentiment toward U.S. equities swung to extreme confidence...
China’s Nio Inc (NIO) has announced an offering of 60 million American depositary shares (ADSs), each representing one Class A ordinary share of the company. Shares fell 5% in Tuesday’s after-market trading.The electric-vehicle maker also intends to grant the underwriters in the ADS Offering a 30-day option to purchase up to an additional 9 million ADSs.Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and China International Capital Corporation Hong Kong Securities Limited are acting as the joint book-running managers for the ADS Offering.The ADSs will be offered under the company’s shelf registration statement which became effective on June 9, 2020. A preliminary prospectus supplement related to the proposed ADS offering has also been filed with the SEC.According to the press release, NIO plans to use the net proceeds from the ADS Offering mainly to fund its cash investments in NIO China, as well as other working capital needs.“We expect...
Apple Inc (AAPL) is on the cusp of launching a new trade-in program for its Mac computers at retail stores, starting next week in the US and Canada, according to a Bloomberg report.Citing people familiar with the matter, Bloomberg says that Apple intends to commence the new program on June 15 in the US and June 18 in Canada. This means that customers can exchange a Mac for credit towards a new computer or take the trade-in value as an Apple gift card.The offer was previously only available for Mac computers on Apple’s website, but the store trade-in program already exists for the iPhone, iPad and Apple Watch.Apple is hoping the new offer could encourage customers to upgrade their Macs more frequently. Currently Mac sales make up about 10% of the company’s total annual revenue.In a separate report, Bloomberg also announced that Apple will introduce a 12-month interest-free payment plan via its...
